Existing borrowers needed to sign up to new mortgage conditions before they could transfer to the new lower rate. Both related to 'standard variable mortgage rate' borrowers who were tied in by a redemption charge. As the basis for all existing variable- rate mortgages, apart from those with discounts. Mr and mrs n transferred their mortgage to a capped variable- rate deal.

Complaints about 'dual' variable mortgage rates. Cheltenham & gloucester's introduction of additional variable mortgage interest rates for existing borrowers. The number of new mortgage contracts entered into in the 12 months to the relevant 31 december.